[Code of Federal Regulations]

[Title 12, Volume 3]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR226.10]



[Page 288]

 

                       TITLE 12--BANKS AND BANKING

 

                   CHAPTER II--FEDERAL RESERVE SYSTEM

 

PART 226_TRUTH IN LENDING (REGULATION Z)--Table of Contents

 

                        Subpart B_Open-End Credit

 

Sec. 226.10  Prompt crediting of payments.



    (a) General rule. A creditor shall credit a payment to the 

consumer's account as of the date of receipt, except when a delay in 

crediting does not result in a finance or other charge or except as 

provided in paragraph (b) of this section.

    (b) Specific requirements for payments. If a creditor specifies, on 

or with the periodic statement, requirements for the consumer to follow 

in making payments, but accepts a payment that does not conform to the 

requirements, the creditor shall credit the payment within 5 days of 

receipt.

    (c) Adjustment of account. If a creditor fails to credit a payment, 

as required by paragraphs (a) and (b) of this section, in time to avoid 

the imposition of finance or other charges, the creditor shall adjust 

the consumer's account so that the charges imposed are credited to the 

consumer's account during the next billing cycle.